Re: [bitcoin-dev] Transaction Coins

[PJ Fitzpatrick via bitcoin-dev]

On Fri, Jul 13, 2018 at 1:27 AM Jakub Trnka 
wrote:

> I think building some overlay scarcity and value on top of bitcoin
> blockchain would incentivize people to transact a lot. An equilibrium would
> emerge between paying transaction fees and mining new coins. Which would
> effectively be equivalent to selling bitcoin and buying some mergemined
> altcoin, except this would congest the bitcoin network. You can easily
> borrow scarcity from bitcoin in some sidechain.
>

Yes  what you say is correct. Therefore n could be a function of the
transaction fees of the block. I think this should be on bitcointalk and I
am going to start a discussion there.
PJ Fitzpatrick


> Jakub Trnka
>
>
> Sent with ProtonMail  Secure Email.
>
> ‐‐‐ Original Message ‐‐‐
> On 12 July 2018 10:05 AM, PJ Fitzpatrick via bitcoin-dev <
> bitcoin-dev@lists.linuxfoundation.org> wrote:
>
> I am considering a method to derive digital scarcity from bitcoin
> transactions. Coins are created from transactions if their hash is among
> the closest n to the non zero portion of the block hash. Only a single coin
> can be created per transaction irrespective of the size of the transaction.
> Therefore n coins are created per block.
>
> The initial coin supply and addresses can be fully determined by the
> existing blockchain. Additionally coins are scarce as coins can only be
> produced by transactions.
>
> There are a number of variants such as creating computation puzzles from
> the previous block.
>
> Has anyone seen anything similar.
>
>
> PJ Fitzpatrick
>
>
>
>
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Re: [bitcoin-dev] Transaction Coins

[Jakub Trnka via bitcoin-dev]

I think building some overlay scarcity and value on top of bitcoin blockchain 
would incentivize people to transact a lot. An equilibrium would emerge between 
paying transaction fees and mining new coins. Which would effectively be 
equivalent to selling bitcoin and buying some mergemined altcoin, except this 
would congest the bitcoin network. You can easily borrow scarcity from bitcoin 
in some sidechain.

Jakub Trnka

Sent with [ProtonMail](https://protonmail.com) Secure Email.

‐‐‐ Original Message ‐‐‐
On 12 July 2018 10:05 AM, PJ Fitzpatrick via bitcoin-dev 
 wrote:

> I am considering a method to derive digital scarcity from bitcoin 
> transactions. Coins are created from transactions if their hash is among the 
> closest n to the non zero portion of the block hash. Only a single coin can 
> be created per transaction irrespective of the size of the transaction. 
> Therefore n coins are created per block.
>
> The initial coin supply and addresses can be fully determined by the existing 
> blockchain. Additionally coins are scarce as coins can only be produced by 
> transactions.
>
> There are a number of variants such as creating computation puzzles from the 
> previous block.
>
> Has anyone seen anything similar.
>
> PJ Fitzpatrick___
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bitcoin-dev@lists.linuxfoundation.org
https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev

[bitcoin-dev] Transaction Coins

[PJ Fitzpatrick via bitcoin-dev]

I am considering a method to derive digital scarcity from bitcoin
transactions. Coins are created from transactions if their hash is among
the closest n to the non zero portion of the block hash. Only a single coin
can be created per transaction irrespective of the size of the transaction.
Therefore n coins are created per block.

The initial coin supply and addresses can be fully determined by the
existing blockchain. Additionally coins are scarce as coins can only be
produced by transactions.

There are a number of variants such as creating computation puzzles from
the previous block.

Has anyone seen anything similar.


PJ Fitzpatrick
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